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U.S. job openings fell to 10.7 million in June: JOLTS

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Yahoo Finance Live’s Julie Hyman breaks down the June JOLTS report.

Video Transcript

[MUSIC PLAYING]

- Julie, over to you now with some breaking news on the jobs front.

JULIE HYMAN: Yeah, we have a JOLTS now, which is the job-- the job opening report here coming out and falling to 10.7 million in June, from 11.3 million the prior month. And remember, this is a report that was most closely watched over the last year as we really saw tightness in the labor market here. So again, job openings falling month over month, coming in a little bit lower than expected too.

And what's interesting is we're getting this at the same time that we're getting some commentary from Mary Daly, San Francisco Fed President, about the labor market. She said, I don't see a labor market that's in recession. Certainly, I think that's a fairly broad view. She says she's on the soft landing side in terms of what's going to happen and what the Fed can engineer.

But she's also saying about some other things on the job market. It's still possible everyone that wants a job can get one. She said, we may see a modest increase in the jobless rate, not a large one. So as we know, this has been something that's been discussed along with the Fed's ability to engineer a so-called soft landing, is what's going to happen in the jobs report. We've heard some dire predictions for what's going to happen in the jobless rate.

Will it tick up? This is one potential early sign of softness, but it's perhaps not surprising, given how many companies we've heard from that say they are slowing hiring at the very least.

- Yeah, we also got the quits rate within this, the total separations. Little changed, 5.9% million, and then 3.9%, respectively there. Total separations, little changed in all industry. And the number of quits in June was little changed, at 4.2 million, and that rate at about 2.8% as well.